Real Estate

The Official Mortgage Rates Thread

Newbie
Apr 23, 2017
64 posts
19 upvotes
Thanks in advance!

-What is the purchase price?
$789k

-How much is the down payment?
20% (proceeds of sale of current home)

-Where it the property located?
Dundas

-When is the closing date?
May 29

-Will the property be owner-occupied or a rental?
Owner
Deal Fanatic
User avatar
Feb 2, 2014
7774 posts
2157 upvotes
Toronto
Corinthein wrote: Thanks Kevin,
I did speak with the mortgage agent at TD I was dealing with and she said it will roll over into a 1 year open, and i don't need to come in and sign anything. Is that standard procedure? For all my other terms I had to sign at renewal. thanks
Yes, it should be fine. Once you get the renewal notice, there should be an option for an open term as well. You can complete that just to be safe.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7774 posts
2157 upvotes
Toronto
boyaremyarmstired wrote: Thanks in advance!

-What is the purchase price?
$789k

-How much is the down payment?
20% (proceeds of sale of current home)

-Where it the property located?
Dundas

-When is the closing date?
May 29

-Will the property be owner-occupied or a rental?
Owner
With 20% down, 2.74% 5-year fixed is the best rate available.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Banned
Sep 19, 2012
1253 posts
1860 upvotes
Calgary
kalicokid wrote: Looking for a 5-year fixed rate quote based on the following. Thank you in advance to all the helpful Brokers on this amazing thread!
For a purchase of a property:
- What is the purchase price? ($1,395,000)
- How much is the down payment? ($400,000)
- Where it the property located? (Toronto, Ontario)
- When is the closing date? (April 30, 2020)
- Will the property be owner-occupied or a rental? (Owner-occupied)
I would go with Motusbank at 2.79% for a 5-year fixed. I don't think there is any lender in the broker channel that can match that. You'd have to apply directly with Motusbank as brokers don't deal with them.
PhillipD40912 wrote: Who is giving the 2.59% and 2.64%? That interests me.
Also would a HELOC by able to be added on? what rate?
If I had to guess I'd say it's Merix. Fewer non-bank lenders operate in Quebec so rates aren't as good (generally).
ASJ113 wrote: Thanks in advance. Looking for 5 yr fixed.
-What is the purchase price? $870k
-How much is the down payment? 40% (proceeds of sale of current home)
-Where it the property located? Ottawa
-When is the closing date? May 28
-Will the property be owner-occupied or a rental?
Owner
You can get as low as 2.57% on a 5-year fixed. Fair penalty lender. Rates may decrease a bit over the next wee while as well. You're in a good spot right now.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Jan 29, 2020
3 posts
Hello,

-What is the purchase price?
$650k

-How much is the down payment?
25%

-Where it the property located?
Burnaby, BC

-When is the closing date?
April 29

-Will the property be owner-occupied or a rental?
Owner

Thanks!
Newbie
Jan 29, 2020
1 posts
Looking for 5 year fixed conventional

-What is the purchase price? 597,900
-How much is the down payment? 25%
-Where it the property located? Burnaby, BC
-When is the closing date? Feb 12th
-Will the property be owner-occupied or a rental? Owned
Sr. Member
User avatar
Feb 16, 2016
560 posts
189 upvotes
Casselman, Ontario
Hello everyone, I have an appointment with RBC later today to renew my mortgage. I'm wondering what kind of rates they will offer me. I will be shopping around to see if I can get better rates (or if they're willing to negotiate) elsewhere. Looking for 5 years fixed. My income is around 100k. I think I'm within my 120 days to lock an offer.

-How much is the mortgage owing? 175 000$
-Roughly, what is the current market value of the property? Around 240 000$
-Which city is the property located in? Casselman, On
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? No.
-When did you buy the property? Sept 2013
-When is your renewal date? 13 May 2020

Thank you in advance!
Deal Addict
User avatar
Jan 31, 2018
1771 posts
337 upvotes
applestew wrote: Hello,

-What is the purchase price?
$650k

-How much is the down payment?
25%

-Where it the property located?
Burnaby, BC

-When is the closing date?
April 29

-Will the property be owner-occupied or a rental?
Owner

Thanks!
5 yr fixed 2.59% 20/20 prepayment regular product

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1771 posts
337 upvotes
Potrice wrote: Hello everyone, I have an appointment with RBC later today to renew my mortgage. I'm wondering what kind of rates they will offer me. I will be shopping around to see if I can get better rates (or if they're willing to negotiate) elsewhere. Looking for 5 years fixed. My income is around 100k. I think I'm within my 120 days to lock an offer.

-How much is the mortgage owing? 175 000$
-Roughly, what is the current market value of the property? Around 240 000$
-Which city is the property located in? Casselman, On
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? No.
-When did you buy the property? Sept 2013
-When is your renewal date? 13 May 2020

Thank you in advance!
5 yr fixed 2.59% 20/20 prepayments full featured no cost to switch

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1771 posts
337 upvotes
boyaremyarmstired wrote: Thanks in advance!

-What is the purchase price?
$789k

-How much is the down payment?
20% (proceeds of sale of current home)

-Where it the property located?
Dundas

-When is the closing date?
May 29

-Will the property be owner-occupied or a rental?
Owner
2.74% 5 yr fixed available 20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
5279 posts
2268 upvotes
Toronto
purephat1 wrote: Looking for 5 year fixed conventional

-What is the purchase price? 597,900
-How much is the down payment? 25%
-Where it the property located? Burnaby, BC
-When is the closing date? Feb 12th
-Will the property be owner-occupied or a rental? Owned
Lowest 5 year fixed rate would be 2.59%. With a closing that tight, you would need to get an application in and FULL set of documents pretty much immediately. Even then, we'd have to confirm with the lender that they will be able to close that quickly. Do you already have an approval in place?
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Sr. Member
User avatar
Feb 16, 2016
560 posts
189 upvotes
Casselman, Ontario
rateconnect wrote: 5 yr fixed 2.59% 20/20 prepayments full featured no cost to switch

Phil
Thanks! That’s with an amortization period of 25 years correct? Wondering if the rate changes with a different amortization period.
Deal Fanatic
User avatar
Feb 2, 2014
7774 posts
2157 upvotes
Toronto
Potrice wrote: Thanks! That’s with an amortization period of 25 years correct? Wondering if the rate changes with a different amortization period.
For a transfer, your remaining amortization has to stay as-is (or lower)...you cannot increase it.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
User avatar
Feb 16, 2016
560 posts
189 upvotes
Casselman, Ontario
CdnRealEstateGuy wrote: For a transfer, your remaining amortization has to stay as-is (or lower)...you cannot increase it.
Gotcha. Thank you!
Newbie
Jan 7, 2019
4 posts
1 upvote
Hi,

Newbie here. Please correct any mistakes! Appreciate it

I'm in the market for a new home purchase. I had a preapproval that has since expired, so I'm not sure if there's any issues that I don't have a preapproval. Please let me know.

We haven't made an offer on a place yet, but I thought I'd check what rates looked like at this point as I assume we'll be looking to close in the next few months. Please correct me if I'm not doing this process correctly.

Here are some details that we expect:

For a purchase of a property:

-What is the purchase price? ~550k-600k
-How much is the down payment? definitely 20%, assume 120k
-Where it the property located? Winnipeg, MB
-When is the closing date?
-Will the property be owner-occupied or a rental? owner occupied

Thanks!

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